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Oil Prices See Modest Gains In Cautious Trade

Oil prices were seeing modest gains on Tuesday after falling more than 1 percent in the previous session following reports that the U.S. may ease sanctions on Venezuela.

Benchmark Brent crude futures rose half a percent to $90.08 a barrel, while WTI crude futures were up 0.3 percent at $85.55.

Oil prices received some support amid concerns that the Israel-Hamas war may spill beyond the Israel-Palestine region.

Heavy shelling was reported near civilian shelters in Gaza despite international messages of caution.

U.S. President Joe Biden plans to visit Israel on Wednesday to show solidarity and try to influence the conduct of its war against Hamas.

The European Central Bank is eyeing energy prices and fallout from the Israel-Hamas conflict, ECB President Christine Lagarde reportedly told euro-area finance ministers.

Amid concerns about slowing global growth, traders also await a slew of Chinese data, including reports on GDP, retail sales and industrial production on Wednesday for direction.

Meanwhile, in a significant announcement, Libya said it would ramp up its oil production to two million barrels per day before the close of the decade.

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